Real Estate News
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Leading retail group to close up to 500 Australian stores
Mosaic Brands, the retail group that owns fashion brands such as Millers, Noni B, Rivers, Katies, Rockmans and more, has delivered a disastrous FY20 loss along with news it plans to shut as many as 500 stores over the next two years. The group owns 1332 Australian stores, employing 6800 people across the country. Today they announced an underlying loss…
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McGrath announces pleasing FY20 results
McGrath Limited has announced a significant turnaround in fortunes this past financial year. The company posted underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $3.7 million, excluding $2.2 million worth of government COVID-related grants, for the year to 30 June 2020. This is compared with a loss of $6.4 million in the previous year, and amounts to a…
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McGrath appoint new CEO after Geoff Lucas resigns
Geoff Lucas has stepped down from the role of Chief Executive Officer at McGrath Limited. Mr Lucas’ resignation was announced on the same day the company released their FY2020 financial results. “The Board had accepted Mr Lucas’ resignation and paid tribute to his service to the company during what has been a difficult two and a half years for the…
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Openn Negotation releases major app upgrade
Online real estate sales platform, Openn Negotiation, has released a major upgrade of its app – making transparent property sales even easier. With the release of Openn 3.0, it’s faster to navigate the platform, easier to find and manage properties, and when buyers are ready, to place a bid. The latest version of the Openn Negotiation app can be downloaded…
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Off-the-plan and new builds surge as stimulus takes hold
A sharp uptake in off-the-plan and new build sales is potentially underpinning the nation’s real estate market, with owner-occupiers taking advantage of various stimulus packages, according to LJ Hooker. Mathew Tiller, LJ Hooker’s Head of Research, credits “pent up demand” after the shutdown, record low interest rates, and the various state and federal-led stimulus packages for the surge in off-the-plan…
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VIC Government proposal will make real estate training harder and more costly
The Victorian Government has proposed massive changes to the educational qualifications for the real estate industry, and time is running out to oppose them. If implemented, these changes will require those planning to enter the industry to spend substantially more time and money gaining tertiary qualifications. Potential ‘Agent Representatives’ will be impacted the most, now required to complete 18 units…
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Hammer falls on another steady auction week
While Melbourne continues to fluctuate, Sydney’s preliminary clearance rate is on the rise, this week coming in at 71.9 per cent, while the national success rate held steady at 64.7 per cent. CoreLogic reports 1082…
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Commercial rental collection kept rising in July
CREDIA, a new online resource of commercial property leasing indicators from Re-Leased, has published Australian rental collection data for July which shows payment rates continue to improve. Throughout the month of July, 74 per cent of commercial rent was received by landlords within 30 days, compared to 71 per cent in June. The pre-COVID monthly average was 89 per cent. …
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Commercial tenancy code extension could spell disaster
An extension of the commercial leasing code of conduct by state and territory governments would impose an extra $4.8 billion in costs on commercial property owners, according to the Property Council of Australia. This is in addition to the $4 billion impact of the leasing code on commercial landlord revenues for the five-month period from April to September. This could…
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Lenders slashing investor interest rates, despite extra scrutiny
New RateCity data shows that 47 mortgage lenders in Australia have reduced investor interest rates over the past two months. This is despite both the extra scrutiny lenders now undergo when applying for such a loan, and the RBA holding steady on the 0.25 per cent official cash rate. Of those 47 lenders, the average reduction was 0.27 per cent…
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More urban sprawl while jobs cluster: working from home will reshape the nation
For most of us the experience of working from home this year has, on balance, been positive – enough that it may well become the norm after the COVID-19 crisis ends. But modelling by Victoria University’s Centre of Policy Studies shows there will be costs alongside the personal benefits, with more urban sprawl, job flight to the biggest cities and…
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Pause On Evictions Extended in Victoria
The Victorian Government yesterday announced an extended ban on evictions and rental increases until the end of the year, increase assistance and ensure tenant turnover is taken into account in rental negotiations – giving tenants certainty and security they won’t lose their home or workplace during the pandemic. Victorian Premier Daniel Andrews said, “No one should have to be worried…
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Offr platform to launch in Australia
A prop-tech platform that digitises the buying, selling and leasing process for real estate agents and buyers, has raised close to AU$5m in seed funding. Launched just 10 months ago, Offr digitises over 85 per cent of the process of buying and selling property for agents and their customers. It also makes international trading of property possible for buyers online,…
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Lenders shy away from commercial sector
A new report by CBRE has found a number of factors are making lenders more reticent in their lending practices for commercial properties. The report explains how increasing economic uncertainty brought about by the onset of COVID-19 has resulted in retailers struggling to stay open and pay the rent. Commercial rent in most Australian office markets has declined, and vacancy…
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Starting a rent roll the right way
So, you’re an amazing property manager. Your landlords love you. And now you’re ready to take the leap and start a rent roll of your own. There’s no doubt, owning a rent roll is one of the most rewarding things you can do in your property management career. But it comes with risks, potholes, and so many stresses that are…
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Shorter meetings but longer days – how COVID-19 has changed the way we work
One of the many things COVID-19 has had a dramatic impact on is the way many of us work. Those fortunate enough to be able to work from home have been able to adapt to this new reality – and it certainly has been “new”. Perhaps the biggest question for both employers and employees is whether working from home has…
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South Coast agent named one of Raine & Horne’s best
South Coast agent and Raine & Horne Mollymook/Milton Principal Ben Pryde has been named the ‘Top Salesperson (Principal) – Number of Sales’ at the 2020 Raine & Horne Awards. Held virtually for the first time in the property group’s 137-year history, this year’s awards saw Mr Pryde edge past Raine & Horne Double Bay principal Ric Serrao to take out…
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Barry Plant auction to support childhood cancer
For the third year in a row, Barry Plant is teaming up with Simonds Homes and Satterley developers for the ‘Home for a Cure’ campaign, raising much needed money to support the My Room Children’s Cancer Charity. The past two years have seen Jim Hatzimoisis, Director at Barry Plant Taylors Lakes auction off house and land packages, raising over $1.3…
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Josh Tesolin recruits three top agents for new Ray White office
Since joining the Ray White Group a little over a month ago, Josh Tesolin hasn’t let up for a minute. He has listed 30 properties, sold five, and this week recruited three top agents for his new Ray White Quakers Hill office. The new acquisitions are Taylor Bredin, Nathan Beazley, and Marc Haddad. “I am on a mission to be…
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Perth vacancy rate drops to a 12-year low
The Perth rental market’s vacancy rate has dropped to 1.6 per cent, the lowest rate since March 2008. The Real Estate Institute of WA (REIWA) warns that a vacancy rate of around 3 per cent strikes the ideal balance between supply and demand, but there are currently 50 per cent less properties for rent on reiwa.com than in July, 2019…
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Eview Group expands their presence in the Sunshine State
The Eview Group is strengthening its offering across Queensland, as further expansion across the Sunshine Coast is unveiled. Partnering with the Eview Group and launching his self-titled brand, Dell Estate Agents, Russell Dell is thrilled to present his personalised, broad, and unique skillset to his local marketplace. With a direct focus on residential property sales, coupled with off-the-plan developments, Russell…
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RE/MAX Awards go virtual
RE/MAX Australia is doing things a little differently this year, moving to a virtual platform to announce its top performers for the January to June 2020 period. Coinciding with the RE/MAX Evolve II event, which brought together members and guests from Australia and New Zealand in a virtual platform, as well as speakers from across the globe, the announcement of award…
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ACT tax rebate for landlords extended
The ACT Government scheme which awards a land tax rebate to landlords who slash their tenants’ rents by 25 per cent has been extended until December. Over 750 landlords are currently involved in the scheme. “We understand this is a difficult time for many Canberrans, particularly those who have suffered a significant reduction in their income,” ACT Attorney-General Gordon Ramsay…
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REIA announce new CEO, Anna Neelagama
The Real Estate Institute of Australia has announced the appointment of Anna Neelagama as its new CEO. Ms Neelagama is replacing the outgoing Jock Kreitals, who spent five years as CEO and 12 years in total with the REIA.“Earlier in the year REIA embarked on a recruitment process for a new CEO and we received over 100 applicants for the…
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Illawarra, Launceston, and Ballarat the hottest regional markets
CoreLogic’s latest quarterly regional review analysed 25 of Australia’s largest non-capital cities, and while people seem to be leaving the capitals in droves, elsewhere in Australia there is a far more rosy outlook. Illawarra has recorded both the largest rise in housing values, and the biggest jump in home sales over the past 12 months. Illawarra’s annual growth rate sits…
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Over $13m of St Kilda sales in 7 days
The Agency’s Sam Hobbs has achieved an extraordinary outcome for his clients across the first two weeks of stage 4 restrictions in Melbourne. Within a seven-day period, Sam Hobbs sold two premium listings and one…
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Inside Brad Pitt and Jen Aniston’s Beverly Hills love-nest
The house Jennifer Aniston and Brad Pitt bought in 2000 for US$13.5m has just sold for $32.5m, more than double what they bought it for two decades ago. The Beverly Hills mansion was built in 1934 for old-timey Hollywood actor Fredric March. It was listed last year for $56m, but attracted little interest. The price was lowered a number of…
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MBA calls for HomeBuilder extension, plus new $3.8b scheme
Master Builders Australia (MBA) has released its Pre-Budget Submission, which calls for an extension of HomeBuilder, plus a further stimulus measure named CommunityBuilder which would inject a further $3.8 billion into the industry. The submission
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LJ Hooker honours top performing individuals and offices
LJ Hooker has reinforced its commitment to service excellence, recognising its top performers across Australia at the real estate network’s awards and recognition nights, held virtually this year around the country. The five annual events, held by regions, recognise the top performing individuals and offices working across each part of real estate, including sales, property management, marketing, business strategy, and…
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Regional NSW vacancy rates drop
The REINSW Vacancy Rate Survey results for July 2020 shows that overall vacancies in Sydney increased for the fifth straight month, while many regional areas have dropped. The total vacancy rate in Sydney sits at 5.0 per cent, up 0.5 per cent from June, and up 2.0 per cent since March. Surprisingly, while the rest of the state seems to…
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Award-winning agents launch Belle Property Double Bay
Agents Peter Starr and Alain Waitsman are bringing their 60 years of combined experience to Belle Property, opening a new Double Bay office. “We are thrilled to welcome Peter and Alain to Belle Property as they are completely aligned with what our brand stands for and what it strives to achieve for its clients,” explained Peter Hanscomb, CEO of Belle…
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DiJones unveils plans for Northern Beaches
DiJones continues to enjoy growth, announcing sales agents Michael King and Gordon Archibald have joined the independent network. DiJones Lower North Shore CEO Dean Mackie said the Northern Beaches as a natural progression for the brand who has recently opened Lindfield and Willoughby offices. “This expansion is aligned with our intense focus on migration patterns across Sydney, and our data…
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Auction clearance rate holding firm
The preliminary auction clearance is holding firm, with the capital cities this week returning a success rate of 64.3 per cent on the back of slightly lower volume. This week CoreLogic reports 1042 properties were…
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Vendors adjusting asking prices suggests a broader slowdown: Domain
Almost 15 per cent of listings on the Sydney property market were reduced in price during July as vendors struggled to sell, according to a report from Domain. These figures have been reflected nationwide, with the larger capitals being much harder hit than smaller cities and regional areas. Sydney’s 14.7 per cent is down from a June high of 15.2…
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The science of social selling
Social media is a fantastic tool to market and sell property, but it won’t replace the experience and expertise of real estate agents, Novak Properties Director Lisa Novak says. Speaking as part of Transform 2020, Lisa says just because you can Google your symptoms when you’re unwell doesn’t mean you will make a good doctor. “These days we can get…
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